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we were very concerned because we thought the budget was going to be -- the deficit was going to be about $150 billion. that shocked everyone into action. then, unlike now, there remains some degree of bipartisanship. there was comity, there was discussion, even as we battled over the budget, we worked together in a bipartisan way on many other issues. you didn't have the total polarization that you have today. >> i mean, when you were elected senate majority leader, i understand one of the first people that you called was the minority leader, senator dole. >> that's right. i called him right away, i went to see him almost immediately, and i said to him look, you've been here a long time, i'm relatively new, these are very tough jobs in the best of circumstances, and if we don't have some degree of trust between us, they will be impossible jobs. so i said to him i want to tell you how i intend to behave toward you and to ask that you behave towards me in the same way. and we agreed on the most basic of things. i told him i would not surprise him, that's important in the senate. that he wo
we were very concerned because we thought the budget was going to be -- the deficit was going to be about $150 billion. that shocked everyone into action. then, unlike now, there remains some degree of bipartisanship. there was comity, there was discussion, even as we battled over the budget, we worked together in a bipartisan way on many other issues. you didn't have the total polarization that you have today. >> i mean, when you were elected senate majority leader, i understand one of...
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we won't be able to achieve a significant balanced approach to the deficit. it does have some revenue in it, even though it's not from tax increases. so what does this opening offer say about where we are in these negotiations? >> well, it seems very difficult to imagine that we're going to be getting to a deal that will handle everything that needs to be addressed before the end of the year. i think the first main thing that needs to be addressed is the question of the tax cuts expiring. and for the obama administration, the question is, is it in their interest to trade tax cuts for the wealthy? increase for the wealthy for raising the age for eligibility for medicare, for example. i'm not sure that that's a trade that they are eager to make immediately. >> let me show you the side by side comparison. the president wants $1.6 trillion in revenue and republicans want to cap the same deductions for the rich but republicans want to change the age to 67 and change the way they calculate social security payments. i wonder, though, when we look at these numbers, a
we won't be able to achieve a significant balanced approach to the deficit. it does have some revenue in it, even though it's not from tax increases. so what does this opening offer say about where we are in these negotiations? >> well, it seems very difficult to imagine that we're going to be getting to a deal that will handle everything that needs to be addressed before the end of the year. i think the first main thing that needs to be addressed is the question of the tax cuts expiring....
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. >>> i now want to bring in a man who says president obama's plan would create jobs and cut the deficit. he's democratic congressman chris van hollen, maryland, ranking member of the house budget committee. welcome to you, sir. you said today -- >> good to be with you. >> good to be with you, too. we're in the fourth quarter as we approach the fiscal cliff. if we can deliver like rg iii delivers, we'll be doing well. the question i would ask is why the hell are we in the fourth quarter? why wasn't this done in the first quarter? >> well, piers, as you know, there were a number of efforts before the election to get this done and there were major differences between the parties, and those parties became a big part of the conversation during the presidential debate. the president could not have been clearer that he wanted to do two things. he wanted to boost economic growth by doing things like investing in our infrastructure which used to be a bipartisan idea, but also, extending middle class tax cuts and as you said, asking the wealthiest to pay a little bit more to reduce the deficit. t
. >>> i now want to bring in a man who says president obama's plan would create jobs and cut the deficit. he's democratic congressman chris van hollen, maryland, ranking member of the house budget committee. welcome to you, sir. you said today -- >> good to be with you. >> good to be with you, too. we're in the fourth quarter as we approach the fiscal cliff. if we can deliver like rg iii delivers, we'll be doing well. the question i would ask is why the hell are we in the...
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deficit and on the fiscal cliff negotiations. this is where the rubber meets the road. this is where it's actually happening at the state level. at the local level. this is where all of that money that was released into the political system by citizens united is actually now paying off. >> yeah, and that is what's frightening nationwide because citizen's united opens the door everywhere. and we're seeing them searching for a model on how to do this. that is why even the detroit free press, in an editorial, and, again, this is a paper that had endorsed governor snyder two years ago. it says the right to work champions, the determination to emasculate once and for all the democratic parties most reliable source of financial and organizational support. now, senator, let me say this to you. if they can get away with it in michigan, michigan has 671,000 union members, 17.5% of the work force, fifth highest in the nation. if they can get away with it in michigan, they feel they can just steam roll all over the country. >> i think every
deficit and on the fiscal cliff negotiations. this is where the rubber meets the road. this is where it's actually happening at the state level. at the local level. this is where all of that money that was released into the political system by citizens united is actually now paying off. >> yeah, and that is what's frightening nationwide because citizen's united opens the door everywhere. and we're seeing them searching for a model on how to do this. that is why even the detroit free...
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take. >> host: you are part of a team of six, another deficit solving committee. our kidneys i got effective? >> guest: i think the greatest mistake this president has made is not embracing simpson-bowles. we wouldn't be here today, had you taken a simpson-bowles trimmer, even though there was a lot i didn't like. i've voted to move it so we would have the debate two years ago, two plus years ago. had we had the debate to bush's ago and put something on the floor, we would have seen something past. we would've allowed the legislative process -- we're not allowing the legislative process. i mean, there's 25 bills that come out of the house that won't see the light of day in the senate for political reasons, not because they don't address real problems for the country. so what we still have these people playing politics, and how does it impact the election, how does it impact how we look rather than the barn is burning down. so what we ought to be is, what i see is politics is trumping policy all around. one of my great discouragements in washington today is the lac
take. >> host: you are part of a team of six, another deficit solving committee. our kidneys i got effective? >> guest: i think the greatest mistake this president has made is not embracing simpson-bowles. we wouldn't be here today, had you taken a simpson-bowles trimmer, even though there was a lot i didn't like. i've voted to move it so we would have the debate two years ago, two plus years ago. had we had the debate to bush's ago and put something on the floor, we would have seen...
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. >> if the politicians in washington negotiate a bad deal on the budget and deficit, what do you think will happen to medicare and medicaid benefits? and to our coverage? ♪ >> you know i just want to quickly ask you while we have you, why the unions are getting involved in this debate over the fiscal cliff now? what steak did they have in this? >> we think we are one of the last remaining organizedd forces in the economy that fight to invest that revenue and get the people back to work. because the private sector by itself is not generating the millions of more jobs. so it's about jobs and making sure we do not cut vital services to the people desperately need them. it's not just about the services, but it's also about stabilizing the employment of people in the healthcare and social security sector. so we have got to get back to work and protect services. that's why we think it's incumbent on us to have this fight as well. >> thank you for your time thank you for your time. next any time a right to work battle props up the meddling koch brothers are sure to pop up. and from cory boo
. >> if the politicians in washington negotiate a bad deal on the budget and deficit, what do you think will happen to medicare and medicaid benefits? and to our coverage? ♪ >> you know i just want to quickly ask you while we have you, why the unions are getting involved in this debate over the fiscal cliff now? what steak did they have in this? >> we think we are one of the last remaining organizedd forces in the economy that fight to invest that revenue and get the people...
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as much and the democrats talking about reducing the deficit. not only will the market go down but we'll have a recession. the market will go crazy on the upside. we will have dealt with the biggest uncertainty, not taxes, the deficit. >> going over the cliff, governor won't get that done because then you have the debt ceiling. there's other provisions you have to deal with. it will not get that done. it will cause further issues that will be resolved later on. >> only if the debt ceiling gets carved into it. one is not linked to the other. >> we can be talking about one not linked to the other. if we go over the cliff, we have to reveal the debt ceiling. at that point and time, the question about the debt ceiling is that much more important. it will have to be raised. as a republican, a proud republican, i am willing to sit here and say we probably need to give some on taxes. there's no question about it. this president also needs to give and show real leadership. if he doesn't, if he wants to punish the wealthy or those in the top 1% and say h
as much and the democrats talking about reducing the deficit. not only will the market go down but we'll have a recession. the market will go crazy on the upside. we will have dealt with the biggest uncertainty, not taxes, the deficit. >> going over the cliff, governor won't get that done because then you have the debt ceiling. there's other provisions you have to deal with. it will not get that done. it will cause further issues that will be resolved later on. >> only if the debt...
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they were elected as a check and balance against president obama's reckless deficits and his reckless debt. they were elected to stop the explosive growth of government. the republicans were elected and sent to washington to fight for limited government, balanced budgets, and of course, greater liberty for all the american people. at this moment it seems like they are only offering a democratic light version for america. maybe they need to learn a thing or two from president obama. maybe they need to show a willingness to go over the so-called fiscal cliff. now, if the president really wants to take the country there, maybe they need to let him go there. here's the bottom line. what are we hearing from the white house? we're hearing the president will not negotiate unless taxes are raised on job creators, and we're hearing that the president now wants to seize control of the debt ceiling from congress. well, that means rather than needing the approval of the house was the senate to raise the nation's spending limit, president barack obama wants to do this all by his lonesome, a blank
they were elected as a check and balance against president obama's reckless deficits and his reckless debt. they were elected to stop the explosive growth of government. the republicans were elected and sent to washington to fight for limited government, balanced budgets, and of course, greater liberty for all the american people. at this moment it seems like they are only offering a democratic light version for america. maybe they need to learn a thing or two from president obama. maybe they...
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i'm saying at some point, talking about the attention deficit disorder that this nation suffers from in terms of politics, the poor have to have a spokesperson to articulate their viewpoints, a marion wright etleman, someone who speaks about the devastation the poor endured. there's a value in speaking it into existence so on shows like this or sunday morning programs the poor have a seat at the table. >> think of the man with the golden throat a spokesperson on this hour, which i applaud you. >> where is john edwards? >> john edwards. >> getting a haircut. >> if there was an oil painting of john edwards -- the haircut's not the first thing they'd mention. nbc's -- >> john edwards has an oil painting of himself in his house, i bet money on that. >> she didn't say oily. >> the seasonally elegant luke russert, thank you for joining us. and cnbc's john harwood, thank you. >>> fast-food works are joining thousands of low-wage earners in a day of solidarity. our super sized income problem in america ahead on "now." >>> time for the "your business" entrepreneur of the week. lauren wanted t
i'm saying at some point, talking about the attention deficit disorder that this nation suffers from in terms of politics, the poor have to have a spokesperson to articulate their viewpoints, a marion wright etleman, someone who speaks about the devastation the poor endured. there's a value in speaking it into existence so on shows like this or sunday morning programs the poor have a seat at the table. >> think of the man with the golden throat a spokesperson on this hour, which i applaud...
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we already have a $292 billion deficit. but in those two months, revenues have increased by 10%. $30 billion. you only get $31 billion in the first year when you raise those two rates. but you know what the problem is? we increased spending by 16%, $87 billion. this is more about a spending problem, not a taxing problem. and that's the problem with washington. >> first of all, congressman, you threw out a number there, there are a lot of numbers that can confuse people. you talk about $31 billion. the reality is, over 10 years, based on documents i have seen from republicans, raising the top rates would get you over $400 billion in new revenue. so that is a fact that both sides agree on. >> david, in two months of this new pacific northwe new fiscal year, you have $10 billion in revenue but 16% increase in spending. it is a spending problem. and the president wants to increase taxes to continue the spending. he proposed a plan that put a new spend list in that added more than just the top two rates' worth in the first year.
we already have a $292 billion deficit. but in those two months, revenues have increased by 10%. $30 billion. you only get $31 billion in the first year when you raise those two rates. but you know what the problem is? we increased spending by 16%, $87 billion. this is more about a spending problem, not a taxing problem. and that's the problem with washington. >> first of all, congressman, you threw out a number there, there are a lot of numbers that can confuse people. you talk about $31...
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it all adds up to around $4 trillion worth of deficit reduction. the plan also reforms social security to raise the retirement age and raise the maximum amount you can tax. and for the middle class it would turn mortgage into a 12% tax credit. co-author of the plan alan simpson said on cbs' "face the nation" there's no easy way out of this debt problem. >> not a single economist who talked to us in our hearings said we can't grow our way out of this thing if we had double digit growth for 20 years, you can't cut spending out of this. and you can't tax your way out of this baby. this is impossible. >> earlier today i spoke to the other co-author of the simpson-bowles plan, former white house chief of staffer, erskine bowles, co-founder of the fix the debt campaign. good morning, mr. bowles. >> good morning, chuck todd. how are you? >> i'm good. let me start with this. why aren't you for going over the fiscal cliff? i heard you yesterday saying it would be catastrophic, but let me read you estimates. we go over the cliff, we suddenly have -- we're ba
it all adds up to around $4 trillion worth of deficit reduction. the plan also reforms social security to raise the retirement age and raise the maximum amount you can tax. and for the middle class it would turn mortgage into a 12% tax credit. co-author of the plan alan simpson said on cbs' "face the nation" there's no easy way out of this debt problem. >> not a single economist who talked to us in our hearings said we can't grow our way out of this thing if we had double digit...
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you cannot cut your way to deficit reduction. lou: that's right. pelosi says we cannot get our way to deficit reducti. listen to the top democrat in the house of epresentatives, the former speaker of the hous unveiling -- on dealing with the fiscal crisis one more time. >> in many homes across america ad is a very, ver lean time. you cannot cut your way to deficit reduction. lou: today said nority leader appeared to be trying to outperform policy and the political rhetoric of the absurd . senator reid's reason to be wary ofeducing spending. >> the european community now is concerned about all the austerity. there are many, my things you can do to reduce debt but still have a stimulus aspect of the economy. >> that -- lou: the sete's top democrat believes we should return to europe for inspiration and guance for fisal policy, taking greece, perhaps, as a standard for dealing with economic and budget crises. the speaker did a charge the president is slow walking th nation to the brink of a fiscal cliff. that is one of the speakers
you cannot cut your way to deficit reduction. lou: that's right. pelosi says we cannot get our way to deficit reducti. listen to the top democrat in the house of epresentatives, the former speaker of the hous unveiling -- on dealing with the fiscal crisis one more time. >> in many homes across america ad is a very, ver lean time. you cannot cut your way to deficit reduction. lou: today said nority leader appeared to be trying to outperform policy and the political rhetoric of the absurd ....
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. >> and that is increasing and guess what, that adds up to the deficit, right? >> david, the problem is deeper than wh you are describing. this goes back decades. when you look at entitlement spending over the last half century, it has steadily crept up four percent every year and that includes adjustments for pulation growth. so what then? you increase taxes four percent every year? that is absurd. at some point we need both parts to come together and tax this entlement creep. we mention obama ape lot. he hasn't helped the numbers. but when you look at enment spending it goes up under a republican president. he can go in this and blame the republicans. >> i didn't know there was a entitlement creep. maybe i got you wrong. >> it is it an itch. >> and john, what abouthis. we have a budget if you can call it a budget that includes tax increases and no cuts at all from our treasury security. >> the tax increase aspect is ridickulous. we have a spending problem . you look at entitlements. i think it is i i don't they should exist. we did make promises and so the ide
. >> and that is increasing and guess what, that adds up to the deficit, right? >> david, the problem is deeper than wh you are describing. this goes back decades. when you look at entitlement spending over the last half century, it has steadily crept up four percent every year and that includes adjustments for pulation growth. so what then? you increase taxes four percent every year? that is absurd. at some point we need both parts to come together and tax this entlement creep. we...
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there are studies that say over million people and other deficits, close the huge deficits might not have a huge effect on the economy, however, if xes across the board and let's not forget the spending cuts that are ought maic in the defense industry, defense industry alone is looking at hundreds of thousands of job cuts next year with nos mandatory cuts go into effect. i'm not saying they are. so it's both cutting and taxing, we're too focus on the tax. bottom line, the government takes it out of the system cutting and raising taxes and the small or deficit. that means that people are going to be out of work, almost by definition in the short run. but in the long run it's a healthier economy that doesn't go down the path of greece. if the long run greece would have low unemployment, but they do not, but yes, we're going to go a percent, if it happens the worse case scenario, but in five years we won't be not able to borrow money. >> brenda: julian, you can go ahead and respond. >> first of l, the ernst & young study has been debunked over and ov. and number two, the bush tax cuts,
there are studies that say over million people and other deficits, close the huge deficits might not have a huge effect on the economy, however, if xes across the board and let's not forget the spending cuts that are ought maic in the defense industry, defense industry alone is looking at hundreds of thousands of job cuts next year with nos mandatory cuts go into effect. i'm not saying they are. so it's both cutting and taxing, we're too focus on the tax. bottom line, the government takes it...
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this is an administration that has 1 trillion plus deficits for each four years. >> one part of that that republicans have talked about, that 2%, and whether you're going to protect tax break force them. steve latourette said some people who call me, they're more worried about the fiscal cliff than about rates going up a couple of points. thomas rooney in your party, if there is truly entitlement reforms that's going to preserve social security and medicare for generations to come, it's going to be very difficult for me to oppose higher rates for the rich. what about that? >> and to mr. rooney's point, if in fact there were fundamental, significant reform of medicare, medicaid and social security so that we in fact save and strengthen and secure those programs, just like we did in our budget,those were included in the president's proposal, then that's something that we would talk about and very seriously consider because there's where we got to get. we got to get real solutions. the problem with the president's proposal is it's not a real solution, it's all politics. >> congressman t
this is an administration that has 1 trillion plus deficits for each four years. >> one part of that that republicans have talked about, that 2%, and whether you're going to protect tax break force them. steve latourette said some people who call me, they're more worried about the fiscal cliff than about rates going up a couple of points. thomas rooney in your party, if there is truly entitlement reforms that's going to preserve social security and medicare for generations to come, it's...
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that rate should go up on upper income americans to help close the deficit that we're facing right now. >> so we know that china obviously has a vested interest in our economy. it sounds to me by your description they prefer the president's plan. >> there was a lot of discussion about the president's plan. but they also just -- they want to see america make a decision. the world is watching what we're doing. and the one thing i did experience certainly in china was a lot of decisions get made and then investment is made. it's pretty much one right after the other. we tend to have a long debate about what we're going to do and get down to crunch time and then suddenly something happens. i think we can't afford to have that happen right now. as a lady said on the previous clip, just a store owner, make a decision. try to make it as soon as possible. let's not go into this holiday season with this level of uncertainty. business people, small, medium and large not knowing what's going on. the world is watching. >> yes. she said so very colorfully i might add. >> i didn't repeat that part.
that rate should go up on upper income americans to help close the deficit that we're facing right now. >> so we know that china obviously has a vested interest in our economy. it sounds to me by your description they prefer the president's plan. >> there was a lot of discussion about the president's plan. but they also just -- they want to see america make a decision. the world is watching what we're doing. and the one thing i did experience certainly in china was a lot of...
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if you look at the deficit, high, much higher in the u.s. than in the euro zone for instance. if you look at debt, much higher than many countries in the euro zone, including spain, germany, france. yet, the united states of america is able to borrow at the lowest rate in pretty much its whole recorded history. so you have a very, very diverse landscape at the moment, but certainly one that could be significantly improved, or worsened by the situation that we have concerning the fiscal cliff, the fiscal deficit and the debt of the country, which are three topics that can be addressed now on the comprehensive and efficient fashion. >> in the fiscal cliff negotiation. so what should this mean? because i think i could interpret any given number to say, oh, that means we shouldn't touch taxes for the upper brackets because the economy still needs as much money as it can have in it. or i could argue, oh, this means that we need more stimulus to keep the jobs going, or i could look at the debt and say, oh, this means we need to cut spending. so what does it mean? so what would you,
if you look at the deficit, high, much higher in the u.s. than in the euro zone for instance. if you look at debt, much higher than many countries in the euro zone, including spain, germany, france. yet, the united states of america is able to borrow at the lowest rate in pretty much its whole recorded history. so you have a very, very diverse landscape at the moment, but certainly one that could be significantly improved, or worsened by the situation that we have concerning the fiscal cliff,...
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would cut the deficit by $200 billion over ten years. supporters say the change wouldn't cut benefits. >> if we're making the change to reflect what is the real cost of living, as opposed to a different one, then you are not reducing them; you're just truing up what you should be getting. not something that-- i hate to use the term-- that might be inflated beyond what it should have been. >> reporter: this so-called technical fix will shave a quarter of a percentage point off social security's annual cost of living increase, and that difference adds up over time. some worry that will hurt the very old. >> it cuts real benefits. if somebody is getting fewer dollars in their check, that's real to them. and for people who are sliding progressively farther behind prevailing living standards, which is true of those out of the labor force for a very long time, it's about as real as it gets. >> reporter: but the change to a chained c.p.i. is easy to do, and that means it could be packaged into a deficit agreement quickly if there is bipartisan
would cut the deficit by $200 billion over ten years. supporters say the change wouldn't cut benefits. >> if we're making the change to reflect what is the real cost of living, as opposed to a different one, then you are not reducing them; you're just truing up what you should be getting. not something that-- i hate to use the term-- that might be inflated beyond what it should have been. >> reporter: this so-called technical fix will shave a quarter of a percentage point off social...
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absolutely are going to die if things start to change and in fact, the underlying real problem, the growing deficit on the path to greece, the goalets worse once we kick the can away. that will be the overriding probleming not the slowing economy not people spending money, but sure, that might not happen in the first two months, but it will eventually happen if we keep kicking down the can. we want to prove to the world that we have a solution and if it takes a few months to get there and higher taxes for a while, big deal, we will get there. that's got to be the plan not just the same nonsense. >> yeah, but larry, that's part of your point, but jonas says we're not in a bad recession, we're certainly not in a good recovery. and if we just keep falling little bit by little bit, maybe as much as jump off the cliff, but it's certainly a slippery slope. >> brenda, the damage is already being done. we saw it in november retail sales and companies delaying activity already and we know the ratings agencies are minutes away, we're right to fix the problem in the long run than making a bandaid short-term d
absolutely are going to die if things start to change and in fact, the underlying real problem, the growing deficit on the path to greece, the goalets worse once we kick the can away. that will be the overriding probleming not the slowing economy not people spending money, but sure, that might not happen in the first two months, but it will eventually happen if we keep kicking down the can. we want to prove to the world that we have a solution and if it takes a few months to get there and...
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how does that count -- >> it counts because it reduces the deficit. we're here trying to reduce the long-term deficit. >> they want new ones, the republicans? >> again, we're prepared to do these on the spending side. what we're not going to do is extend those tax cuts for the wealthiest americans. those cost $1 trillion over ten years. there's no possibility that we're going to find a way to get our fiscal house in order without those tax rates going back up. again, alongside that we're prepared to do some very detailed things on the spending side, and we're -- >> there's no guarantee, right? didn't that say that? at least according to the read-out we got, your plan, so you can feel free to correct me because you haven't given me a read-out of it. >> guaranteed up front measurable savings scored by sea enacted into law. the only guarantee is when congress enacts policies. >> you would be willing to go for specific things and guarantee that there would be a specific amount of cuts? >> of course, of course. >> but that's next year? >> no, that's not tr
how does that count -- >> it counts because it reduces the deficit. we're here trying to reduce the long-term deficit. >> they want new ones, the republicans? >> again, we're prepared to do these on the spending side. what we're not going to do is extend those tax cuts for the wealthiest americans. those cost $1 trillion over ten years. there's no possibility that we're going to find a way to get our fiscal house in order without those tax rates going back up. again, alongside...
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they don't care about deficits. they care about flattening the tax code so lower income people pay more. >> that's the dirty little secret. thank you. i wish we had more time. we don't. >>> next, sheldon walking the corridors of congress? what? i wonder if $150 million buys you a key to the speaker's office. i gave birth to my daughter on may 18th, five days later, i had a massive heart attack. bayer aspirin was the first thing the emts gave me. now, i'm on a bayer aspirin regimen. [ male announcer ] be sure to talk to your doctor before you begin an aspirin regimen. [ woman ] learn from my story. a new way to save on your prescriptions. it's the aarp medicarerx saver plus plan from unitedhealthcare. with this plan, you can get copays as low as a dollar through a preferred network pharmacy like walgreens -- where you'll find 8,000 convenient locations. best of all, this plan has the lowest part d premium in the united states -- only $15 a month. open enrollment ends december 7th. so call today or visit your local wa
they don't care about deficits. they care about flattening the tax code so lower income people pay more. >> that's the dirty little secret. thank you. i wish we had more time. we don't. >>> next, sheldon walking the corridors of congress? what? i wonder if $150 million buys you a key to the speaker's office. i gave birth to my daughter on may 18th, five days later, i had a massive heart attack. bayer aspirin was the first thing the emts gave me. now, i'm on a bayer aspirin...
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Dec 7, 2012
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. >> what the president has said is we need $1.6 trillion as part of an overall deficit reduction plan, because if you don't get those additional revenues, but you also try and reduce the deficit, you end up whacking everybody else much harder. and so, it's really important to have that revenue number as high as possible. >> sure. >> look, the president's already been clear, ed. on cuts, he will continue to implement over the next ten years over $1 trillion in cuts that he agreed to as part of the budget control act, 100% cuts. and at the time, he said we've got to come back and do revenue. he "life & style weeklalso call billion in cuts and laid out exactly what those should be. >> catch "the ed show" here at 8:00 p.m. eastern on msnbc, the place for politics. >>> well, new jersey governor chris christie is making a personal plea for federal disaster aid in the wake of hurricane sandy. the republican governor paid an unannounced visit to the white house to ask the president for $83 billion in aid for new jersey, new york and connecticut. he also met with members of congress. it was th
. >> what the president has said is we need $1.6 trillion as part of an overall deficit reduction plan, because if you don't get those additional revenues, but you also try and reduce the deficit, you end up whacking everybody else much harder. and so, it's really important to have that revenue number as high as possible. >> sure. >> look, the president's already been clear, ed. on cuts, he will continue to implement over the next ten years over $1 trillion in cuts that he...
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Dec 6, 2012
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. >> the percentage of your debt -- not the deficit to gdp? >> deficit to gdp. now, we do not want to get there that way. the same way we do not want to go over the fiscal class. the fiscal cliff is big austerity -- you get $seven trillion in deficit reduction over 10 years. but you do not do it you really want to do it. when it comes to the baseline, you have to work together as part of an agreement to get to the right baseline. that does not mean it is not real world deficit-reduction. it is. does it mean it is better than current law? maybe not. but there is agreement that current law, including the fiscal cliff, is not the best way. >> we have our baseline. deficit to gdp? >> did i say that? >> just to be clear -- if you look to the 10-year period on the current base line and get under 1% deficit to gdp in 10 years -- >> because you get seven years of debt reduction under current law. >> if anyone wants to read more, please read the piece on what it takes. i thank you all for being here today. one reason we have to and is these poor people will be so instrum
. >> the percentage of your debt -- not the deficit to gdp? >> deficit to gdp. now, we do not want to get there that way. the same way we do not want to go over the fiscal class. the fiscal cliff is big austerity -- you get $seven trillion in deficit reduction over 10 years. but you do not do it you really want to do it. when it comes to the baseline, you have to work together as part of an agreement to get to the right baseline. that does not mean it is not real world...